Algeria sells 49% stake in El-Hadjar seamless tube project to UAE firm

The Algerian government has approved the sale of a 49% stake in state-owned El-Hadjar Iron & Steel Complex’s seamless tube project to United Arab Emirates-based steel and construction company Emarat Dzayer, the Algerian prime minister’s office said late on Tuesday April 10.

The deal will include investment of more than 160 billion Algerian dinars ($1.39 billion) in new steel production at the El-Hadjar plant, located 20km from the north-eastern port of Annaba.
The El-Hadjar complex has also restructured long-term debt exceeding 122 billion Algerian dinars and will benefit from additional financing worth 23 billion Algerian dinars to modernize the plant, the prime minister’s office said.

The El-Hadjar plant encountered production difficulties in 2017, including a coke shortage, but had restarted limited production...

Published

Viral Shah

April 11, 2018

13:15 GMT

London